Your Questions Answered Here › Planning to migrate to Australia 10-15 years from now. How does that impact my insurance choices today?
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Jason Wong asked 5 years ago

Hi CF & Erika,

My wife and I have plans to emigrate to Australia sometime between 2030 to 2035. I'm 38 years old now and the plan is to come back after 10 years sometime between 2040 to 2045 to retire after our children have finished university and are independently working there.

What insurance would make sense for us?

2 Answers
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ERIKA Staff answered 5 years ago

Jason, insurance is about - evaluating your financial risk today, rather than 10 years in the future. That being said, it is not uncommon to assess your insurance needs (and financial risks all the same) every year to see if what you have still relevant or any shortfall. This principle remains the same wherever you go. 

Jason Wong replied 5 years ago

1. Does that mean we stick with the life insurance we have now. And only think about insurance coverage when we move to Australia? While paying the insurance we set up today?

2. What about Medical and CI if we were to start today? Do we keep paying between 2030 and 2045?

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ERIKA Staff answered 5 years ago
  1. Yes
  2. Well, if you stop paying btwn 2030 to 2045, then likely it will lapse. By 2046, if you now want to resume coverage, you need to submit application to reinstate your policy. Reinstatement means insurer need to re-evaluate your health in 2046. Say, if you had (touch wood) diabetes by then, then insurer will reject your reinstatement and you'll be left with no medical or CI cover.